alexandra apartments
888 Fairview road
penticton, BC
Partnership. Performance.
for sale
A unique opportunity to acquire a 46 suite rental apartment building in the
heart of Penticton.
Rob Greer*, Principal
604.647.5084
[email protected]
* Robert Greer Personal Real Estate Corporation
Chris Wieser, Principal
604.647.5089
[email protected]
Carey Buntain, Associate
604.647.1352
[email protected]
Amanda Payne, Senior Analyst
604.646.8389
[email protected]
alexandra apartments
888 fairview road
penticton, BC
Property Summary
Municipal Address
888 Fairview Road, Penticton, BC
Legal Description
Lot 4, District Lot 250 Similkameen Division
Yale District Plan 11502
PID
009-511-911
Lot Size
33,933 sf (0.78 acres)
Zoning
RM-3
Suite Mix
Type
# of Units
Bachelor
1-Bedroom
2-Bedroom
Total
3
31
12
46
Parking
17 surface stalls, 50 covered stalls and
8 visitor stalls
Property Taxes (2015)
$29.703
Mortgage
Contact listing agents for mortgage details
and available options
Net Operating Income
$272,745
Price
$5,300,000
Cap Rate
5.14%
* All areas are approximate and subject to verification.
Opportunity
Avison Young is pleased to present a unique opportunity to acquire 100%
freehold interest in a 46 suite rental apartment building in Penticton, BC. The
Fall 2015 CMHC vacancy rate for Penticton was 1.6%.
Property Description
The subject property is a well constructed three-storey wood frame rental
apartment building founded above an open at grade parking garage.
It consists of 46 suites that has undergone extensive renovations and
upgrades. The roof was recently replaced in 2006 and the exterior of the
building was repainted in its entirety. Spacious suites with balconies and
new countertops provide a warm and bright atmosphere. The lobby is
currently undergoing a refreshing transformation with new flooring, paint
and furniture. There is ample covered and surface parking. The building is
very well maintained and professionally managed by Gateway Property
Management. Alexandra Apartments is a short walking distance to
Okanagan Lake and various shopping amenities.
Investment Highlights
99 Extensive renovations completed
99 Professionally managed and maintained
99 In the heart of Penticton
99 Rental rates have increased by 6.2% over the past 2 years in Penticton
(per CMHC)
99 Vacancy rate for Penticton has been dropping for the past several
years and is currently 1.6%
99 All units are seperately metered; Tenants pay for their own heat and hot
water reducing operating costs significantly
99 Property is held in a bare trust thereby saving a purchaser 3.0%
Net Operating Income Projection
% of ERG
$ per Unit
Total
Operating Income Projections
Residential Rental Revenue
$393,000
Parking Revenue
$0
Laundry Revenue
$650/mth
Potential Gross Revenue (PGR)
Less: Residential Vacancy Allowance
$7,800
$400,800
1.60% per CMHC
($6,413)
Effective Gross Revenue (EGR)
$394,387
Less: Operating Expenses
Gas
1.73%
$148
$6,819
Hydro
3.28%
$282
$12,950
Water & Sewer
1.17%
$101
$4,632
Licenses & Dues
0.08%
$7
$300
Repairs & Maintenance
6.42%
$550
$25,300
Waste Removal
1.37%
$117
$5,402
Elevator
1.17%
$101
$4,634
Property Tax
7.53%
$646
$29,703
Insurance
2.23%
$191
$8,803
Management
5.86%
$502
$23,100
Total Operating Expenses
30.84%
$2,644
$121,643
Net operating income projection
$272,745
Lake Okanagan
t
Wes
ste
min
r Av
e nu
eW
Penticton Trade and
Convention Centre
Ma
in S
t ree
South Okanagan
Events Centre
t
Eck h
ardt
Aven
u
eW
Penticton
Public Library
Penticton
Secondary
eet
Canadian Tire
IGA Grocery
R ailw
ay S
tr
Subject Property
888 Fairview Road
Fair
v
GardenWorks
iew
Road
Government
Street Liquor
Shoppers Drug Mart
Safeway
Partnership. Performance.
Avison Young
#2900-1055 W. Georgia Street
Box 11109 Royal Centre
Vancouver, BC V6E 3P3, Canada
Rob Greer*, Principal
604.647.5084
[email protected]
* Robert Greer Personal Real Estate Corporation
Carey Buntain, Associate
604.647.1352
[email protected]
Chris Wieser, Principal
604.647.5089
[email protected]
Amanda Payne, Senior Analyst
604.646.8389
[email protected]
avisonyoung.com
© 2016 Avison Young. All rights reserved.
E. & O.E.: The information contained herein was obtained from
sources which we deem reliable and, while thought to be
correct, is not guaranteed by Avison Young Commercial Real
Estate (B.C.) Inc.; DBA, Avison Young.